Saudi Arabia’s GDP growth expected to be higher than other GCC countries in 2024

Saudi Arabia’s GDP is expected to grow more than all other countries in the Gulf Cooperation Council (GCC) in 2024, insurer Allianz Trade said on Thursday.

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Saudi GDP – Gross Domestic Product – grew by just under nine percent in 2022 and “we expect growth to increase by four percent in 2024,” the Paris-headquartered trade insurer said in a press release.

GDP – the total value of goods and services produced in a particular country – is often seen as an indicator of how well an economy is doing.

A rise in oil prices globally has helped “buffer” Saudi Arabia’s economy, with the Kingdom left “nearly unscathed” by crisis in recent years, with “no major consequences on inflation,” according to the press release.

There is still room for improvement in Saudi Arabia for the country’s dependence on international oil prices and shipping routes, with limited economic diversification aside from energy-adjacent sectors, Allianz said.

Saudi Arabia is currently in the process of an its ambitious economic reform – Vision 2030 – in which the country aims to diversify its economy to become less dependent on oil income. It has launched several projects as part of its Vision 2030 including the self-sufficient city NEOM, and made a number of investments in its video gaming industry.

The GCC is made up of seven countries, also including Kuwait, the United Arab Emirates (UAE), Qatar, Bahrain, and Oman.

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